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Browsing: AfCFTA negotiations
One of the major criticisms raised against his ambitious continent-wide free trade pact is the fact that it is bound to have disproportionate benefits for different countries. There are already pre-existing inequalities that favour more developed countries.
Bluntly speaking, it is to be reasonably expected that it is the continent’s tycoons, large business owners that will benefit the most.
Consider this, only three of the agreement’s members i.e. Nigeria, South Africa and Egypt account for almost half (50%) of all of Africa’s GDP. Take for instance the fact that in 2020 alone, the continent of Africa as a whole, imported US$20 billion worth of goods from South Africa.
With the tariff-free movement of goods, South Africa will enjoy a tremendous increase in trade output to the rest of the continent at much lower costs.…
On 1 January 2021, trade began within the African Continental Free Trade Area (‘AfCFTA’). After years of preparation, and being postponed due to the COVID-19 pandemic, AfCFTA becomes the largest free trade area in the world based on the number of participating countries since the World Trade Organization (‘WTO’) was formed and connects some 1.3 billion people across the African continent.
Among many other key developments under the AfCFTA, member states have agreed to remove 90 per cent of tariff lines on non–sensitive products within five years for developing countries and within ten years for least developed countries.
The AfCFTA seeks to provide member states a comprehensive and mutually beneficial trade agreement that aims to boost intra-African trade. As noted by the World Bank, “[a]s the global economy is in turmoil due to the COVID-19 pandemic, creation of the vast AfCFTA regional market serves as a major opportunity to …
According to the United Nations International Labour Organisation (ILO), reduced working hours or job losses as a result of COVID-19 crisis cost the world approximately 255 million jobs in 2020.
Although the full economic impact of the current crisis is still not entirely understood, many people have suffered one blow or another as a result of the pandemic.…